By Susanna Moon
Chicago, Feb. 1 – Morgan Stanley Finance LLC priced $500,000 of 0% dual directional trigger Performance Leveraged Upside Securities due Jan. 29, 2021 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the fund finishes at or above its initial level, the payout at maturity will be par plus 150% of the gain up to a maximum amount of $1,400 per $1,000 principal amount.
If the fund falls but finishes at or above the 70% trigger level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be exposed to any losses.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying fund: | SPDR S&P Regional Banking ETF
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| Amount: | $500,000
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| Maturity: | Jan. 29, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund gains, par plus 150% of return capped at par plus 40%; if fund falls by up to 30%, par plus absolute return; otherwise, 1% loss per 1% decline
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| Initial index level: | $56.88
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| Trigger level: | $39.816, 70% of initial level
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61768CDQ7
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